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Sharp fall in rupee

MUMBAI: The rupee tumbled against the dollar by losing 119 paise on Wednesday, its biggest single day fall in 12 years, amid a stronger dollar in overseas markets AND fall in crude prices.

After fluctuating erratically range, the rupee ended at Rs. 49.30/31, a steep fall of 2.47 per cent or 119 paise against Tuesday’s close of 48.12.

The fall in excise and customs duty collections in October, which is seen as an indication of slowdown in economy, weighed heavily against the domestic unit amid scarce availability of the dollar. — PTI

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